Governor Babajide Sanwo-Olu of Lagos State has announced the initiation of a comprehensive review of the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011.
The disclosure came during the recently concluded 5th Lateef Jakande Housing Lecture Series organized by the Real Estate Developers Association, where the governor outlined the government’s commitment to protecting the interests of investors and end-users in the state through these legislative revisions.
Governor Sanwo-Olu emphasized the significance of these legal reviews in aligning with the evolving landscape of the real estate sector.
The objective, as stated by the governor, is to ensure that the legal framework remains responsive to the needs of both investors and end-users, fostering an environment conducive to growth and innovation.
Addressing the stakeholders in the built sector, Governor Sanwo-Olu highlighted the government’s digitization efforts to enhance departmental processes, increase efficiency, and ensure greater customer satisfaction.
The governor also issued a call to action for increased collaboration and sponsorship of leading-edge research into innovative building technology that could contribute to the reduction of building costs.
Acknowledging the strides made in providing homes for all, Governor Sanwo-Olu unveiled the ambitious goal of delivering 10,000 new homes by 2027. This, he emphasized, would require strategic partnerships and collaboration to achieve.
The governor underscored the government’s commitment to exploring vertical solutions for safer homes, anticipating the need for increased provisions in social housing as the population grows.
Looking ahead, Governor Sanwo-Olu projected a shift in housing expectations for future urban dwellers. He envisioned a scenario where smaller smart homes and rental options become more prevalent.
In response to these changing dynamics, the governor revealed the ongoing review of key laws, including the Property Law of Lagos State 2010 and Rental Law of Lagos State 2011, to cater to the evolving interests of both investors and end-users.
Furthermore, the governor highlighted the state’s exploration of fintech solutions to provide tailored mortgage options and address pressing housing challenges.
In a forward-thinking approach, Governor Sanwo-Olu expressed plans to strengthen collaboration with neighboring states, leveraging their vast land resources to address housing challenges collectively.
Governor Sanwo-Olu concluded by emphasizing the government’s openness to partnerships with investors presenting innovative ideas that could result in shorter completion times, more affordable homes, and convenient mortgage packages.
He cited a successful partnership that utilized innovative building technology, resulting in the completion of 2-bedroom flats within 14 days and the establishment of a Green Estate at Idale, Badagry, comprising 252 bungalows.
This collaborative success story showcased energy-saving designs that reduced water and power usage, ultimately adjusting costs for homeowners and contributing to sustainable development in the region.
As Lagos State positions itself at the forefront of real estate innovation, the proposed legislative reviews and strategic collaborations signal a proactive approach to addressing the evolving needs of a dynamic and growing population.
The governor’s vision for a future-focused, technology-driven real estate sector sets the stage for transformative changes in the housing landscape of Lagos State.
